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Japan's Nikkei pulls back from 3-decade high, but tech stocks march ahead

Stock Markets Jan 15, 2021 11:00
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© Reuters.

TOKYO, Jan 15 (Reuters) - Japan's benchmark Nikkei stock
average inched lower on Friday after rising for five straight
sessions to hit a three-decade high, although losses were capped
by tech-related shares after Taiwanese chipmaker TSMC posted its
best-ever quarterly profit.
The Nikkei .N225 eased 0.25% to 28,626.08 by 0154 GMT,
while the broader Topix .TOPX fell 0.50% to 1,863.94. However,
the Nikkei was up 1.7% for the week, on track for a third
straight weekly gain.
"The market started slowing down at the end of yesterday's
session as investors felt the overheat in the market," said
Norihiro Fujito, chief investment strategist, Mitsubishi UFJ
Morgan Stanley Securities.
"But this is a very limited decline. The market is supported
by solid demand for chip shares on the back of robust earnings
from TSMC."
Taiwan Semiconductor Manufacturing Co Ltd (TSMC) 2330.TW
posted its best-ever quarterly profit on Thursday and raised
revenue and capital spending estimates, pushing the Philadelphia
semiconductor index .SOX to a record high. That gave an additional boost to Japanese chip shares which
were already in solid demand, Fujito said.
Tokyo Electron 8035.T rose 4.5%, Advantest 6857.T gained
4.25%, Sumco 3436.T added 3.16%, and Renesas Electronics
6723.T climbed 1.46%.
Canon 7751.T was the top gainer in the Nikkei 225 with a
jump of 7.47%, after the company raised its profit forecast for
the year just ended to well above analysts' estimates.
Japanese stocks also tracked the U.S. market, which ended
lower on Thursday ahead of President-elect Joe Biden's
announcement of a stimulus package designed to jump-start the
economy. .N
Fast Retailing 9983.T fell 3.17%, even after it said its
first-quarter operating profits were higher than the
pre-pandemic levels. Automakers also slipped. Subaru 7270. shed 2.34% after it
became the latest car maker to cut production due to a global
shortage of semiconductors. Toyota Motor 7203.T fell 1.72%,
while Honda Motor 7267.T declined 2.62%.

Japan's Nikkei pulls back from 3-decade high, but tech stocks march ahead
 

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